Economy

Credit Suisse, the fall of the first heads

Credit Suisse, in the wake of the scandals that hit the bank in recent weeks, expects to lose 900 million francs in the first quarter of 2021. The first results are the first in investment banking services Brian Chen and Chief Risk and Compliance Officer Lara Warner, who will leave Their roles.

The first will be replaced by Christian Meissner, while the second by Joachim Auchslen, who holds a temporary position, today indicated in a note to the second Swiss bank. On the basis of the group’s decision there is the case of Greensel, the bankrupt British financial company, but above all the disaster of the American fund Archegos Capital Management. The latter, which appeared last week, however was not explicitly mentioned by the bank. Warner and Chen were directly involved in the scandals.

A loss of 900 million
Credit Suisse also announced that it expects a pre-tax loss of 900 million francs in the first quarter. This includes a $ 4.4 billion fee related to the bankruptcy of the US hedge fund. The hiccups of the past few weeks will also have consequences for the other senior executives of the bank: there will be remuneration cuts, and moreover, the discharge of the board of directors will not be on the agenda of the General Assembly. Chairman Urs Runner will have to waive a bonus – known as a “presidential fee” – of 1.5 million francs.

Credit Suisse has also revised its dividend proposal, which changes from a dividend of 10 cents instead of the 29.17 cents originally envisioned. With regard to the resignation of the members of the Board of Directors and the General Administration, the Board of Directors withdraws its proposal to the General Assembly, believing that “it is in the interest of the shareholders to consider this proposal when conducting internal investigations recently.” Credit Suisse said, “The development of projects will be completed and the results communicated.”

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